MIRA
INFORM REPORT
|
Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
MTU INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
872, D1, H.A.L. 3rd Stage, Michael Palya Main Road,
Bangalore-560075, Karnataka |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
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|
Date of
Incorporation : |
06.06.2000 |
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|
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|
Com. Reg. No.: |
08-027209 |
|
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35914KA2000PTC027209 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRD01018D |
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|
PAN No.: [Permanent Account No.] |
AABCD2233N |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The subject is engaged in the business of marketing sale and
distribution of diesel engines and spare parts, including associated equipment
and servicing of diesel engines. |
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|
|
|
No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 770000 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Sunil Vaidya |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-20-22934610 |
|
Date : |
25.10.2012 |
LOCATIONS
|
Registered Office : |
872, D1, H.A.L. 3rd Stage, Michael Palya Main Road,
Bangalore-560075, Karnataka, India |
|
Tel. No.: |
91-20-22934610 91-80-65951302 |
|
Fax No.: |
91-20-67209299 |
|
E-Mail : |
DIRECTORS
AS ON 20.08.2012
|
Name : |
Mr. Chin Wan Ku |
|
Designation : |
Director |
|
Address : |
Apt Blk 20, Holland Drive #15-403, Singapore-271020 |
|
Date of Birth/Age : |
08.02.1952 |
|
Date of Appointment : |
01.10.2005 |
|
DIN No.: |
00347521 |
|
|
|
|
Name : |
Mr. Satish Shridhar Phadke |
|
Designation : |
Director |
|
Address : |
Fl3, 425/32, TMV, Colony, Gultekdi, Pune-411037, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1951 |
|
Date of Appointment : |
03.03.2010 |
|
DIN No.: |
02944570 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Vaidya |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2012
|
Names of Shareholders |
No. of Shares |
|
Tognum Asia Pte Limited, Singapore |
249998 |
|
MTU Friedrichshafen GmbH, Germany |
02 |
|
TOTAL
|
250000 |
AS ON 20.08.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in the business of marketing sale and
distribution of diesel engines and spare parts, including associated
equipment and servicing of diesel engines. |
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the management |
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Bankers : |
·
Citi Bank, Global Transaction Services, M G Road,
Bangalore-560001, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
B BSR and Company Chartered Accountant |
|
Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Pune-411001, Maharashtra, India |
|
Tel. No.: |
91-120-30504000 |
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Fax No.: |
91-120-30504100 |
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PAN No.: |
AAKFB4397F |
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Holding Company : |
Tognum Asia Pte Limited, Singapore (formerly known as MTU Asia Pte
Limited) |
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Holding Company of Holding Company,
MTU Asia Pte Limited : |
MTU Friedrichshafen GmbH, Germany |
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Holding Company of Holding Company, MTU
Friedrichshafen GmbH : |
Tognum AG. |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
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|
NOTES
(a) Terms / rights attached to equity shares
The Company has a single
class of equity shares. Accordingly, all equity shares rank equity with regard
to dividends and share in the Company residual assets. The holders of equity
shares are entitled to receive dividend as declared from time to time. The
voting rights of an equity shareholder are in proprietary to his share of the
paid-up equity capital of the company.
On winding up of
the Company the holders of equity shares will be entitled to receive the
residual assets of the company, remaining after distributor all preferential
amounts in proportion to the number of equity share held.
(b) Shares held by holding / ultimate holding company
249998, bring 100%
equity shares are held by Tognum Asia Pte Limited, Singapore (formerly known
as MTU Asia Pte Limited, Singapore), the Company’s holding company and balance
2 equity shares are held by an individual as a nominee of the holding company.
Tognum Asia is the ultimate holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
190.039 |
166.972 |
142.071 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
192.539 |
169.472 |
144.571 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
45.097 |
41.730 |
0.000 |
|
|
TOTAL BORROWING |
45.097 |
41.730 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
237.636 |
211.202 |
144.571 |
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|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
108.373 |
90.010 |
54.221 |
|
|
Capital work-in-progress |
0.473 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
15.379 |
7.899 |
5.797 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
84.603
|
92.824 |
69.433 |
|
|
Sundry Debtors |
43.696
|
28.981 |
77.019 |
|
|
Cash & Bank Balances |
54.870
|
64.568 |
6.527 |
|
|
Other Current Assets |
0.125
|
0.125 |
0.000 |
|
|
Loans & Advances |
43.050
|
33.094 |
22.308 |
|
Total
Current Assets |
226.344
|
219.592 |
175.287 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
61.005
|
71.557 |
59.499 |
|
|
Other Current Liabilities |
32.400
|
15.748 |
12.837 |
|
|
Provisions |
19.528
|
18.994 |
18.398 |
|
Total
Current Liabilities |
112.933
|
106.299 |
90.734 |
|
|
Net Current Assets |
113.411
|
113.293 |
84.553 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
237.636 |
211.202 |
144.571 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Income |
|
248.734 |
236.673 |
|
|
|
Service Income |
|
25.539 |
16.100 |
|
|
|
Engineering and Research Income |
|
56.226 |
0.000 |
|
|
|
Commission on Indent Sale |
|
102.381 |
51.775 |
|
|
|
Other Income |
|
0.193 |
4.045 |
|
|
|
TOTAL (A) |
NA |
433.073 |
308.593 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales and Services |
NA |
207.395 |
192.055 |
|
|
|
Personnel Cost |
|
82.850 |
42.379 |
|
|
|
Other Expenses |
|
86.170 |
43.932 |
|
|
|
TOTAL (B) |
NA |
376.415 |
278.366 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
56.658 |
30.227 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
1.003 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
55.655 |
30.227 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
NA |
21.714 |
8.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
40.629 |
33.941 |
21.577 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.563 |
9.040 |
19.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
23.066 |
24.901 |
2.546 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
166.972 |
142.071 |
139.525 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
190.038 |
166.972 |
142.071 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Sales of Spares |
39.589 |
25.419 |
25.648 |
|
|
|
Service Income |
8.848 |
14.697 |
8.029 |
|
|
|
Engineering and Research Income |
85.667 |
56.226 |
0.000 |
|
|
|
Commission on Indent Sales |
62.448 |
102.381 |
51.775 |
|
|
|
Service charges Global Purchasing Office |
3.055 |
0.000 |
0.000 |
|
|
|
Service Charges –Defense |
1.937 |
0.000 |
0.000 |
|
|
|
Reimbursement of expenses received from related party in respect of
earlier years |
3.270 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
204.814 |
198.723 |
85.452 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
31.023 |
37.096 |
5.597 |
|
|
TOTAL IMPORTS |
31.023 |
37.096 |
5.597 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
92.26 |
99.61 |
10.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
5.75 |
0.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
13.65 |
9.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.61
|
10.69 |
9.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.20 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.82
|
0.87 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
2.07 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
61.005
|
71.557 |
-- |
|
For Purchase |
--
|
-- |
52.261 |
|
For Expenses and Others |
-- |
-- |
7.238 |
|
TOTAL |
61.005
|
71.557 |
59.499 |
NOTE
Registered office has been shifted from Ground Floor No.2, Premier
Presidency Langford Road, Bangalore-560025, Karnataka, India to the present
address w.e.f. 22.01.2007.
BACKGROUND
Subject was incorporated on 6th June 2000 as Detroit Diesel
India Private Limited (DDIPL) as a 100% subsidiary of Detroit Diesel Asia Pte
Limited, Singapore (DDA). During the year ended 31st March 2002, MTU
Asia Pte Limited, Singapore (‘MTUA’) acquired DDA and its subsidiary DDIPL,
subsequent to which, the Indian company changed its name to MTU Detroit Diesel
India Private Limited with effect from 29 April 2002. During the year ended 31st
March 2004, the entire shareholding of DDA in the Company was transferred to
MTUA, Consequently, effective 24 April 2003, MTUA is the holding Company of
MDDL. With effect from 25 May 2007, the name of the Company has been changed to
MTU India Private Limited.
The company is engaged in the business of marketing sale and
distribution of diesel engines and spare parts, including associated equipment
and servicing of diesel engines.
In the current year, the Company has started a new division called
Engineering and Research Centre (EARC) to provide IT related research and
development support for MTU Friedrichshafen GmbH.
FIXED ASSETS
·
Leasehold Improvements
·
Office Equipments
·
Computers
·
Furniture and Fittings
·
Vehicles
·
Plant and Machinery
·
Tools
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 53.67 |
|
|
1 |
Rs. 86.04 |
|
Euro |
1 |
Rs. 70.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.